System and method for peer to peer race and sports wager exchange

ABSTRACT

A peer to peer wager exchange system allows wagers on race and sporting events to be exchanged between bettors. A wager exchange server may be provided to facilitate wager exchanges by accepting exchange requests and acceptances. Exchange requests may be published or otherwise distributed to bettors that may be interested in the wagers identified in the exchange requests. Upon acceptance, the system may assign a wager from the requesting bettor to the accepting bettor and transfer payment from the accepting bettor to the requesting bettor. When a final determining event occurs at the race or sporting event, a payout may be provided to the accepting bettor if the wager is a winning wager.

BACKGROUND OF THE INVENTION

1. Field of the Invention

The invention relates to race and sports wagering and in particular to systems and methods for peer to peer race and sports wager exchange.

2. Related Art

Race and sports wagering typically takes place through wagers placed at a racetrack or race and sports book. The wagers are bets that a particular outcome or event will occur during a race or sporting event. If the selected outcome or event occurs by the end of the race or sporting event, the bettor is deemed a winner and the wager is paid out by the racetrack or race and sports book. If not, the racetrack or race and sports book retains the wager for itself

From the discussion that follows, it will become apparent that the present invention addresses the deficiencies associated with the prior art while providing numerous additional advantages and benefits not contemplated or possible with prior art constructions.

SUMMARY OF THE INVENTION

A peer to peer wager exchange system for race and sporting events is disclosed herein. The peer to peer wager exchange system allows bettors to relieve themselves of a wager. This may occur if a bettor is no longer confident about his or her wager for example. The peer to peer wager exchange system is advantageous in that it allows a bettor to exchange his or her wager for value before the end of a sporting event, race, or series of races. In this manner, a second bettor may trade or exchange currency (or other items of value) for the bettor's wager. The bettor is then relieved of the wager but obtains some value for the wager. The second bettor is paid if the wager turns out to be a winning wager.

Various embodiments of the peer to peer wager exchange system are provided herein. For example, in one exemplary embodiment, a wager exchange system for one or more race or sporting events might comprise one or more communication devices configured to receive an exchange request from one or more first bettors. The exchange request may comprise wager information identifying a wager on the one or more race or sporting events and a requested amount for the wager.

One or more storage devices may be configured to store the wager information and a plurality of bettor accounts. The wager information may be associated with a first bettor account of the plurality of bettor accounts. One or more controllers may be configured to associate the wager information with a second bettor account of the plurality of bettor accounts after receipt of an acceptance message for the exchange request from one or more second bettors.

During a wager exchange, the one or more controllers may electronically transfer funds from the one or more second bettors to the one or more first bettors after receipt of the acceptance message. The one or more controllers may also be configured to evaluate the wager to determine if the wager is a winning wager. A display screen and one or more input devices may be provided to operate the wager exchange system.

It is noted that the one or more communication devices may be configured to receive the exchange request only during an exchange period. In addition, the one or more controllers may be further configured to transmit a notification to one or more terminals via the one or more communication devices after the exchange request is received. The one or more communication devices may be further configured to receive race and sports information from an external data feed. Also, the one or more communication devices may receive wager information from one or more wager booking servers.

In another exemplary embodiment, a peer to peer wager exchange system for race or sporting events might comprise one or more wager booking servers configured to accept one or more wagers on race or sporting events from bettors, and one or more first terminals configured to transmit one or more exchange requests from one or more requesting bettors. Each of the one or more exchange requests may identify one of the one or more wagers and a requested amount. One or more second terminals may be configured to transmit one or more acceptance messages from one or more accepting bettors in response to the one or more exchange requests. It is contemplated that wherein the one or more first and second terminals may be portable electronic devices configured to communicate wirelessly.

A wager exchange system may be provided to receive the one or more exchange requests, receive the one or more acceptance messages, and assign the wager identified in the one or more exchange requests to the one or more accepting bettors. A data feed may be used to provide race and sports information to the wager exchange system.

It is noted that the wager exchange system may be further configured to transfer payment totaling the requested amount from the one or more accepting bettors to the one or more requesting bettors. In addition, the wager exchange system may transfer payment to the one or more accepting bettors if the wager identified in the one or more exchange requests is a winning wager. The wager exchange system may only accept exchange requests during one or more predefined exchange periods.

Various methods of exchanging wagers are disclosed herein as well. For example, a method of exchanging wagers with a peer to peer wager exchange system might comprise receiving a wager on a race or sporting event from a first bettor, receiving a exchange request including a requested amount for the wager from the first bettor after a first portion of the race or sporting event is complete, and transmitting a notification to one or more second bettors identifying the wager and the requested amount in the exchange request.

An acceptance message may be received from one of the one or more second bettors. The wager may then be assigned from the first bettor to the second bettor from which the acceptance message was received. Payment of at least the requested amount may be transferred from an account of the second bettor to an account of the first bettor. A winning amount may be transferred to the second player if the wager is a winning wager. Race and sports information describing the race or sporting event may be received from a data feed. This race and sports information may be used to determine if the wager is a winning wager.

It is noted that the exchange request may be presented on a terminal, or on a public display screen at one or more wagering venues. In addition, the exchange request may be rejected if the exchange request is received outside one or more predefined exchange periods. For instance, the wager exchange system may respond with a rejection message or ignore an exchange request if the exchange request is made outside any exchange period.

Other systems, methods, features and advantages of the invention will be or will become apparent to one with skill in the art upon examination of the following figures and detailed description. It is intended that all such additional systems, methods, features and advantages be included within this description, be within the scope of the invention, and be protected by the accompanying claims.

BRIEF DESCRIPTION OF THE DRAWINGS

The components in the figures are not necessarily to scale, emphasis instead being placed upon illustrating the principles of the invention. In the figures, like reference numerals designate corresponding parts throughout the different views.

FIG. 1 is a block diagram illustrating an exemplary environment for a peer to peer wager exchange system;

FIG. 2 is a block diagram illustrating components of an exemplary wager exchange server;

FIG. 3 is a flow diagram illustrating operation of an exemplary peer to peer wager exchange system;

FIG. 4A illustrates an exemplary display of wager information for a sporting event;

FIG. 4B illustrates an exemplary display of wager information for a race; and

FIG. 5 is a block diagram illustrating an exemplary environment of use for a wager exchange server.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

In the following description, numerous specific details are set forth in order to provide a more thorough description of the present invention. It will be apparent, however, to one skilled in the art, that the present invention may be practiced without these specific details. In other instances, well-known features have not been described in detail so as not to obscure the invention.

As will be described further below, one advantage of the peer to peer wager exchange system is that it allows a bettor to relieve him or herself of a position he or she has taken via a placed wager. For example, a bettor that has wagered on a particular team to win may relieve him or herself of that position by exchanging the wager with another bettor via the peer to peer wager exchange system. In this manner, the bettor may receive some value for a wager that he or she no longer feels confident about or otherwise does not wish to hold any longer. With regard to races, a bettor having made a multi-leg wager may relieve him or herself of that wager by exchanging the position with another bettor before each race in the wager after the first race has occurred. As will also be described further below, the bettor may exchange his or her position for various items of value, including money.

The peer to peer wager exchange system herein may also facilitate the placement of wagers on particular outcomes or events occurring during or by the end of a race or sporting event. For instance, the peer to peer wager exchange system may accept one or more wagers from one or more bettors. It will be understood that the peer to peer wager exchange system may work with various sporting events (e.g., basketball, football, baseball) and races (e.g., horse races). It is noted that the peer to peer wager exchange system need not facilitate placement of wagers, since the peer to peer wager exchange system permits exchange of wagers placed at independent wagering venues.

An exemplary peer to peer wager exchange system will now be described with regard to FIG. 1. As can be seen, a peer to peer wager exchange system may comprise a wager exchange server 104 in communication with one or more wager booking servers 108. In general, the wager exchange server 104 is configured to facilitate the exchange of placed wagers for other items of value, including currency or other wagers. The wager booking servers 108 may be configured to accept wagers, including the funds, currency, or other items of value that a bettor stakes in making such wagers.

The wager booking servers 108 may be located at race and sports books or other similar venues capable of and authorized to accept race and sports wagers. A wager booking server 108 may be configured to accept wager amounts in physical or electronic form. For example, a wager booking server may comprise a bill/coin acceptor, card reader, wireless payment device, barcode scanner, or the like to facilitate transfer of funds/currency in making a wager.

As can be seen, a wager booking server 108 may be in communication with one or more terminals 116. The terminals 116 may be electronic devices configured to accept wagers from bettors directly or from personnel at the race and sports book. The wagers inputted at a terminal 116 would typically be transmitted from the terminal to the race and sports book's wager booking server 108, where the wager may be recorded. A terminal 116 may comprise one or more input devices, such as a touch screen, keyboard, buttons, switches, mouse, etc . . . , to allow a wager to be inputted thereon. A terminal 116 may also include one or more output devices, such as display screens, speakers, etc . . . to provide information and feedback as a wager is inputted. For example, a bettor or race and sports book personnel may confirm their wager and wager amount on a terminal's display screen as it is inputted.

It is noted that in some embodiments, terminals 116 need not be provided since a wager booking server 108 may allow wagers to be directly inputted thereon (i.e., the wager booking server may accept wagers directly). For example, a wager booking server 108 may have its own input device(s) and output device(s) to allow wagers to be inputted thereon.

In one or more embodiments, one or multiple wager booking servers 108 may be connected to a wager exchange server 104 via one or more communication links For example, a wager exchange server 104 may communicate with a wager booking server 108 via a direct link, local area network, wide area network (including the Internet), or various combinations thereof. It is contemplated that these communication links may span a wide range of distances to allow the wager exchange server 104 to be connected to wager booking servers 108 regardless of their geographic location. With a number of connected wager booking servers 108, the wager exchange server 104 can provide a large selection of wagers for exchange for its population of bettors looking to obtain such wagers in exchange for an item of value.

Bettors may be required to establish an account or other identity with the peer to peer wager exchange system prior to placing a wager. This feature can be used to collect and verify the identity of a bettor and that the better meets regulatory/legal requirements to place wagers. For example, the age, identity, or other characteristic of a bettor may be verified with government issued identification or the like during the bettor account creation process. The bettor account can then contain accurate identification information identifying the bettor.

It is contemplated that the bettor accounts could be independent accounts provided by different wagering venues. Alternatively, the peer to peer wager exchange system may provide a centralized system for bettor accounts that may be used at any wager booking server 108 connected to the peer to peer wager exchange system's wager exchange server 104.

Once created, a bettor account may have all of its bettor's wagers associated therewith. As will be described further below, if a bettor obtains a wager through an exchange, that wager may be associated with the bettor's account to signify that he or she now holds that wager. A bettor account may also include one or more bank, credit card, or other financial account information. This information may be used to facilitate payment to and from the bettor. For example, winning wagers may be paid electronically to a bettor's bank account, while wager amounts may come from a bank or credit card account.

As can also be seen from FIG. 1, a wager exchange server 104 may receive race and sports information from one or more data feeds 112. Data feeds 112 may originate from a server or other device in communication with the wager exchange server 104. In some embodiments, a data feed 112 may be manually created such as by a technician or the like inputting various race and sports information manually, such as via a keyboard or the like at a data feed server or the like.

In general, the race and sports information will comprise information about a race and/or sporting event. For instance, scores, standings, time elapsed, time remaining, event occurrences, and statistics of a race and/or sporting event may be captured in the race and sports information. Race and sports information may also identify the status of a race or sporting event, such as whether or not a race has concluded or a quarter, half, or other period has been completed in a sporting event. The race and sports information may also identify other pauses in a race or sporting event, such as time outs, weather delays, and the like. As will be described further below, the race and sports information may be used to facilitate the exchange of wagers (as well as placement of wagers in some embodiments). For this reason, the race and sports information will typically be live or captured and received by a wager exchange server 104 in real-time (i.e., as a race or sporting event progresses from start to end).

An exemplary wager exchange server 104 will now be described with regard to FIG. 2. As can be seen, a wager exchange server 104 may comprise one or more controllers 204 and storage devices 220. A controller 204 may be configured to control operation of various components of the wager exchange server 104 to provide the functionality disclosed herein. In one or more embodiments, a controller 204 may comprise a CPU, microprocessor, integrated circuit, or the like. The controller 204 may be configured to operate according to one or more instructions, which may be hardwired into the controller 204 and/or retrieved for execution by the controller from an external data storage device. For example, one or more instructions, such as in the form of machine readable code, may be retrieved from a storage device 220. It is contemplated that the controller 204 may have internal memory or be coupled with one or more memory devices (e.g., RAM, ROM, etc . . . ) from which the one or more instructions may be retrieved.

A storage device 220 may utilize various data storage technologies to retrievably store data, including storage technologies now known and later developed. For example, a storage device 220 may comprise a hard drive, flash drive, optical drive, or the like. Data on a storage device 220 may be organized into files, folders, and the like. In addition or alternatively, data may be stored in one or more databases on a storage device 220.

In one or more embodiments, a storage device 220 may store wager information 224 for use by the wager exchange server 104. In one embodiment for example, wager information 224 may comprise one or more placed wagers. To illustrate, wager information 224 may comprise the amount of a wager and/or the outcome or event the wager was placed on. This data may then be used to determine if the wager is a winner or a loser. In addition, a requested amount or value for the wager may be part of the wager information 224 as well. As will be described further below, the requested amount indicates the amount a bettor wishes receive in exchange for his or her wager. For example, the requested value may be an amount of currency, a different wager the bettor would rather have, an object the bettor wishes to have, or services the bettor desires.

Other information may be stored on a storage device 220 as well. For example, one or more of the wager exchange server's storage devices 220 may store bettor accounts. It is contemplated that race and sports information may be stored on a storage device 220 as well. Race and sports information may then be distributed to wagering booking systems 108, terminals, and/or personal electronic devices for use by bettors when placing or exchanging wagers.

A wager exchange server 104 may also include one or more communication devices 216 to allow communication between the wager exchange server and other devices. For instance, as shown in FIG. 2, the wager exchange server 104 is connected with a data feed 112 and a plurality of wager booking servers 108 via the wager exchange server's communication device 216. In operation, race and sports information from a data feed 112 may be received at a communication device 216. Similarly, wager information may be received from a wager booking server 108 via a communication device 216. Race and sports information and wager information may also be transmitted to other devices from a communication device 216.

As will be described further below, a communication device 216 may also be configured to receive one or more exchange requests from one or more bettors. In general, an exchange request will specify the wager a bettor wishes to exchange and the requested amount the bettor wishes to receive in exchange for the wager. It is contemplated that bettors may transmit exchange requests from terminals at wagering venues, or their personal electronic devices, as will also be described in further detail below.

A communication device 216 may also be used to conduct funds transfers when wagers are placed, exchanged, and paid out. For example, the wager exchange server 104 may communicate electronically with a bank or other financial institution via its communication device 216 to make electronic funds transfers.

It is noted that a communication device 216 may utilize various communication protocols and technologies. For example, as alluded to above, a communication device 216 may communicate via one or more network protocols. In addition, a communication device 216 may be configured to communicate via a wired or wireless connection.

As can be seen from FIG. 2, a wager exchange server 104 may include one or more input devices 228, one or more output devices (such as a display 212), or both. In general, an input device 228 may be used accept input from an administrator or operator of the wager exchange server 104 such as to configure/setup or maintain the wager exchange server. For example, the wager exchange server 104 may include a keyboard, a mouse, or the like to allow configuration/operation of the wager exchange server. A display 212 or other output device may provide feedback, system status, and other information also to allow configuration/operation of the wager exchange server 104. It is noted that the wager exchange server 104 could be remotely controlled and/or configured in some embodiments, such as through a communication device 216 of the wager exchange server. As such, input and output devices need not be included in all embodiments.

Operation of a peer to peer wager exchange system and the elements therein will now be described with regard to FIG. 3. FIG. 3 is a flow diagram illustrating an exemplary process by which wagers may be placed, exchanged, and paid out (if they are winning wagers). Various portions of the process may be performed by different elements of the peer to peer wager exchange system, as will be detailed further below. As will become apparent from the material below, race and/or sports wagers may be handled by the peer to peer wager exchange system.

At a step 304, the peer to peer wager exchange system may accept a wager from a bettor. The wager will typically identify a particular event or outcome that must occur for the better to win. In some situations the wager will also specify a time by which the wagered upon event or outcome must occur. Typically, the wager will be accepted along with a wager amount (e.g., currency or another item of value which is at risk should the bettor lose). The race and sports book (or other venue that accepted the bettor's wager) will keep the bettor's currency or other wagered item of value should the bettor lose the wager.

Wager acceptance may occur in various ways. As disclosed above, a bettor may input his or her wager and provide the wager amount at a wager booking server or a terminal at a race and sports book or other wagering venue. In some embodiments, a terminal may be one of the bettor's personal electronic devices configured to operate with a wager booking server, such as through a particular software application. Alternatively or in addition, the bettor's personal electronic device may access the wager booking server via a standard web browser or other standard access method.

In one or more embodiments, after acceptance, a wager may only be exchanged at particular periods of time relative to a race or sporting event (hereinafter “exchange periods”). For example, in one embodiment, a multi-leg wager on a series of horse races (e.g., a “Daily Double”, “Pick 3”, “Pick 4”, etc . . . wager) may only be exchanged during a period of time between races. In another exemplary embodiment, a wager on an outcome or event occurrence during a sporting event may only be exchanged during a period of time during a stoppage in play, such as between quarters, halves, or other periods of the sporting event. Timeouts may also be considered such a stoppage in play.

In other embodiments, it is contemplated that wagers may be exchanged at any moment prior to a final or determining event that determines whether or not a wager is a winning or losing wager. For example, a wager on the winning team at the end of a period of play (including the last period of a sporting event) could be exchanged at any time before that period elapses. In a race, it is contemplated that a wager on the leader at a particular point of a race (including the end of the race) may be exchanged at any time before that point of the race.

At a decision step 308, it may be determined if an exchange may take place. Stated another way, it may be determined at decision step 308 whether or not an exchange period is occurring. This may be accomplished in various ways. Referring to FIG. 1, the wager exchange server 104 of the peer to peer wager exchange system may determine if an exchange period is currently occurring based on race and sports information received from one or more data feeds 112. For example, the race and sports information may indicate if there is a stoppage or pause in play for sporting events or if a race has concluded.

In addition or alternatively, the time elapsed or time remaining in a race or sporting event may indicate if an exchange period is occurring. For example, wagers whose determining event or occurrence has not yet occurred may have their exchange period be deemed open. For wagers that may only be exchanged during a stoppage in play, the race and sports information may indicate whether a stoppage is occurring. For example, the time remaining or time elapsed in a sporting event may be used to determine the start and end of an exchange period, especially if either of those measures stops decrementing or incrementing during a stoppage in play. It will be understood that exchange periods may differ for different wagers based on the event or occurrence wagered upon.

If an exchange period is not occurring at decision step 308, the peer to peer wager exchange system may continue accepting wagers at step 304 (as long as a wager cut off time for a race or sporting event has not yet arrived). If an exchange period is occurring, exchange requests from bettors may be accepted at a step 312. It is contemplated that bettors may be notified when one or more of their wagers enters an exchange period. For example, a notification or alert may be transmitted to a terminal or personal electronic device used by the bettor.

In general, an exchange request may comprise wager information identifying the wager being offered for exchange, the wager amount, the requested amount to obtain (i.e., pay for) the wager, or various combinations thereof. The exchange request may be transmitted to the peer to peer wager exchange system from a terminal at a wagering venue.

The requested amount will typically be set by the bettor making the exchange request. A bettor may choose to set the requested amount below the potential payout for the wager to entice other bettors to exchange an item of value for the wager. The requested amount may also be varied by the bettor based on the actual or perceived likelihood that the wager will be a winner. For example, near the time of a determining event, the requested amount may be raised if it appears likely that the wager will be a winner, or may be lowered if there is a reduced likelihood that the wager will be a winner. If the bettor really desires to relieve him or herself of a wager, it is contemplated that the requested amount could be set below the amount wagered or another low value.

At a step 316, the exchange request may be distributed to other bettors that may wish to obtain the wager contained within the exchange request. The exchange request or a notification thereof may be presented on a display at a wagering venue (as will be describe further below) or may be transmitted to terminals or bettors' personal electronic devices. In general, the exchange request will be presented to these bettors such that they can readily identify the wager, the amount wagered, and the requested amount to obtain the wager. Race and sports information describing the race or sporting event to which the wager pertains may also be presented. In one or more embodiments, an alert, such as an audio or visual notification, may be emitted to draw bettors' attention to an exchange request.

At a decision step 320, if an exchange request is accepted by another bettor, the requested amount may be transferred from the accepting bettor to the requesting bettor at a step 328. In the case of currency, funds may be electronically transferred from the accepting bettor's account to the requesting bettor's account. In one or more embodiments, a portion of the requested amount may be retained as a commission. For example, a percentage or other portion of the requested amount may be transferred to an account held by the peer to peer wager exchange system's owners, operators, or the like as a commission. A wager exchange server may be configured to conduct the electronic transfer of currency such as via a secure communication link with a banking or other financial institution.

The requesting bettor's wager may then be assigned to the accepting bettor at a step 332. This may occur by associating the wager with an identifier (e.g., user account) of the accepting bettor in a storage device of the peer to peer wager exchange system's wager exchange server. It is noted that if the two bettors are exchanging wagers, the peer to peer wager exchange system may assign the accepting bettor's wager to the requesting bettor and vice versa.

If an exchange request is not accepted at decision step 320, then the requesting bettor may be notified of the same at a step 324. For example, a notification or alert message may be transmitted to a terminal or the bettor's personal electronic device. It is contemplated that the bettor may also or alternatively view the acceptance or lack thereof of his or her exchange request at a terminal of a wagering venue. Since exchange requests may also be publicly displayed at wagering venues, a bettor may view and track the acceptance or non-acceptance of his or her exchange request by viewing a display screen or the like provided at a wagering venue.

It is contemplated that the process of accepting an exchange request may permit a counteroffer in some embodiments. For instance, an interested bettor may transmit a counteroffer (typically lower than the requested amount) in response to the exchange request. This counteroffer may be shared with the requesting bettor via the wager exchange server. If the counter offer is accepted by the requesting better, the exchange request is deemed accepted at decision step 320 and the counteroffer value may then be transferred to the requesting bettor at step 328. If multiple counteroffers are received, the requesting bettor may choose to accept the highest (or other) counteroffer, or the highest counteroffer may automatically be accepted at the end of the current exchange period.

At a decision step 336 it may be determined if a determining event has occurred for one or more wagers. If so, those wagers may be evaluated at a step 340, such as by comparing what was wagered upon to what actually occurred during the relevant race or sporting event. At a step 344, winning wagers may be paid to the bettor that currently owns or holds the wager, including bettors that hold wagers they obtained via the exchange process described above. For losing wagers, the wagering venue would then keep the amount wagered when the wager was placed. Any requested amount transferred from an accepting bettor to a requesting bettor would be retained by the requesting bettor regardless of the outcome of the exchanged wager. As can be seen, this allows a bettor to relieve him or herself from a wager he or she previously placed, while obtaining at least some value for the wager. Funds transfer may take place electronically or by other means.

FIGS. 4A and 4B illustrate exemplary display screens 404 that may be used to present wagers 408 that are available for exchange. FIG. 4A illustrates an exemplary display screen 404 for sporting events, while FIG. 4B illustrates an exemplary display screen 404 for races. As stated, these wagers will generally come from other bettors who have submitted an exchange request for their wager(s). The display screen 404 may be various presentation devices, including projectors, LED/LCD screens, segmented displays, and the like. The acceptance or non-acceptance of a wager may be updated in real time on the display screen 404. For example, an accepted wager may be removed from the display screen 404 or altered to indicate it is no longer available for exchange.

A display screen 404 may be located at a wagering venue to provide a publicly visible display of wagers available for exchange. The display screen 404 may also or alternatively be on a personal electronic device or other terminal. As can be seen from FIGS. 4A and 4B, the display screen 404 may present the wager 408 (along with the amount wagered), and the requested amount 412 that must be paid to obtain the wager. As can be seen from FIG. 4B, the display of wagers may be updated as a race or sporting event progresses. For example, the wagers 408 of FIG. 4B also present the horses the wagers were placed on (with the winning horse in completed races being underlined).

It is contemplated that the display screen 404, or another display screen may present information relevant to the wager, such as scores, standings, and statistics of the race or sporting event upon which the wager was placed. For example, FIGS. 4A and 4B respectively provide game and race statistics on their display screens 404. Alternatively or in addition, relevant information may be revealed when a bettor touches or otherwise engages a user interface element (such as a button, graphic, or text) provided on the display screen. For instance, a bettor may tap the “View Odds for Race 4” or “View Odds for Race 2” text/button to retrieve and view the odds for such races in the display screen 404 of FIG. 4B. In addition, “View Results” may be tapped to reveal detailed race results.

In operation, bettors may refer to the display screen 404 to see what wagers 408 are available and to exchange for the wager or wagers they desire. For example, in FIG. 4A, the display screen 404 identifies for each wager 408 available for exchange, (from left to right) the wagering venue, team upon which the wager was placed, spread, odds, amount wagered, and requested amount 412. In FIG. 4B, the wagering venue, picks, amount wagered, and requested amount 412 are provided for each wager 408 available for exchange (also from left to right). In one or more embodiments, a bettor may then touch or otherwise select/request a particular wager 408 to purchase/accept the wager.

Different variations of the peer to peer wager exchange system disclosed herein are contemplated. To illustrate, FIG. 5 is a block diagram illustrating a wager exchange server 104 configured also to accept wagers, such as described above with regard to the peer to peer wager exchange system's wager booking servers. In this manner, the wager exchange server 104 can accept wagers as well as facilitate the exchange of wagers.

Terminals 116 can directly communicate with the wager exchange server 104 to place wagers and to exchange wagers, such as via a communication network 504. It is contemplated that the communication network 504 may be a local area network or wide area network to allow communication to and from terminals 116 at a wide variety of distances from the wager exchange server 104.

Since no wager booking servers are required, it is contemplated that the terminals 116 need not, but may, be at wagering venues. In this manner, bettors at race and sports books or other wagering venues may make and exchange wagers along with bettors at other locations. It is noted that the terminals 116 may comprise portable or personal electronic devices, personal computers, smart phones, or other computing devices in such embodiments. This permits wagers to be placed and exchanged from virtually anywhere. The terminals 116 may execute downloadable machine readable code to communicate and interoperate properly with the wager exchange server 104. Alternatively, the wager exchange server 104 may be configured to allow standard-based communication. In this manner, wagers may be placed or exchanged via a standard web browser for example.

Also referring to FIG. 5, in an alternate embodiment, the wager exchange server 104 may be configured only to facilitate the exchange of wagers. In such an embodiment, bettors may place wagers at a wagering venue of their choice and subsequently utilize a wager exchange server 104 to offer their wager for exchange. It is contemplated that the bettor may input information about his or her wager at his or her terminal, such as to describe the wager and to show its authenticity. For example, the bettor may input any serial numbers or other identification numbers from a wager ticket issued by a wagering venue. The bettor may also take one or more photos of the wager ticket. This information may then be transmitted from the terminal 116 to the wager exchange server 104. As described above, the wager exchange server 104 may then distribute the information to interested parties/bettors as part of an exchange request.

While various embodiments of the invention have been described, it will be apparent to those of ordinary skill in the art that many more embodiments and implementations are possible that are within the scope of this invention. In addition, the various features, elements, and embodiments described herein may be claimed or combined in any combination or arrangement. 

What is claimed is:
 1. A wager exchange system for one or more race or sporting events comprising: one or more communication devices configured to receive an exchange request from one or more first bettors, wherein the exchange request comprises wager information identifying a wager on the one or more race or sporting events and a requested amount for the wager; one or more storage devices configured to store the wager information and a plurality of bettor accounts, wherein the wager information is associated with a first bettor account of the plurality of bettor accounts; and one or more controllers configured to associate the wager information with a second bettor account of the plurality of bettor accounts after receipt of an acceptance message for the exchange request from one or more second bettors; wherein the one or more controllers electronically transfer funds from the one or more second bettors to the one or more first bettors after receipt of the acceptance message.
 2. The wager exchange system of claim 1, wherein the one or more communication devices are configured to receive the exchange request only during an exchange period.
 3. The wager exchange system of claim 1, wherein the one or more controllers are further configured to transmit a notification to one or more terminals via the one or more communication devices after the exchange request is received.
 4. The wager exchange system of claim 1, wherein the one or more controllers are further configured to evaluate the wager to determine if the wager is a winning wager.
 5. The wager exchange system of claim 1, wherein the one or more communication devices are further configured to receive race and sports information from an external data feed.
 6. The wager exchange system of claim 1, wherein the one or more communication devices are further configured to receive wager information from one or more wager booking servers.
 7. The wager exchange system of claim 1 further comprising a display screen and one or more input devices for operating the wager exchange system.
 8. A peer to peer wager exchange system for race or sporting events comprising: one or more wager booking servers configured to accept one or more wagers on race or sporting events from bettors; one or more first terminals configured to transmit one or more exchange requests from one or more requesting bettors, each of the one or more exchange requests identifying one of the one or more wagers and a requested amount; one or more second terminals configured to transmit one or more acceptance messages from one or more accepting bettors in response to the one or more exchange requests; and a wager exchange server configured to: receive the one or more exchange requests; receive the one or more acceptance messages; and assign the wager identified in the one or more exchange requests to the one or more accepting bettors.
 9. The peer to peer wager exchange system of claim 8, wherein the wager exchange server is further configured to transfer payment totaling the requested amount from the one or more accepting bettors to the one or more requesting bettors.
 10. The peer to peer wager exchange system of claim 8, wherein the wager exchange server is further configured to transfer payment to the one or more accepting bettors if the wager identified in the one or more exchange requests is a winning wager.
 11. The peer to peer wager exchange system of claim 8 further comprising a data feed configured to provide race and sports information to the wager exchange server.
 12. The peer to peer wager exchange system of claim 8, wherein the wager exchange server only accepts exchange requests during one or more predefined exchange periods.
 13. The peer to peer wager exchange system of claim 8, wherein the one or more first terminals are portable electronic devices configured to communicate wirelessly.
 14. The peer to peer wager exchange system of claim 8, wherein the one or more second terminals are portable electronic devices configured to communicate wirelessly.
 15. A method of exchanging wagers with a peer to peer wager exchange system comprising: receiving a wager from a first bettor, wherein the wager is one selected from the group consisting of a multi-leg wager on a set of races and a wager on a sporting event; after a first portion of the set of races or sporting event is complete, receiving an exchange request from the first bettor, the exchange request including a requested amount for the wager; transmitting a notification to one or more second bettors identifying the wager and the requested amount in the exchange request; receiving an acceptance message from one of the one or more second bettors; assigning the wager from the first bettor to the second bettor from which the acceptance message was received; and transferring payment of at least the requested amount from an account of the second bettor to an account of the first bettor.
 16. The method of claim 15 further comprising transferring a winning amount to the second player if the wager is a winning wager.
 17. The method of claim 15 further comprising presenting the exchange request on a terminal.
 18. The method of claim 15 further comprising presenting the exchange request on a public display screen at one or more wagering venues.
 19. The method of claim 15 further comprising rejecting the exchange request if the exchange request is received outside one or more predefined exchange periods.
 20. The method of claim 15 further comprising receiving race and sports information describing the race or sporting event from a data feed, wherein the race and sports information determines if the wager is a winning wager. 